The Real Deal Miami

Related nabs $95M in financing for Paraiso Bayviews

Developer also closed on $145M for Park Grove and $105M for Icon Las Olas in recent days

December 23, 2015 03:45PM

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Renderings of Paraiso Bayviews, one part of the four-tower Paraiso project in Edgewater

Renderings of Paraiso Bayviews, one part of the four-tower Paraiso project in Edgewater

On the heels of securing a quarter of a billion dollars in financing for condo projects in Fort Lauderdale and Coconut Grove, the Related Group said Wednesday that it has closed a $94.93 million construction loan for Paraiso Bayviews in Miami’s Edgewater neighborhood.

Bank of the Ozarks is the lender, Related said in a release.

Paraiso Bayviews is the third of four towers to rise in Related’s Paraiso mega-development. The fourth and final, GranParaiso, is expected to close on a construction loan in early 2016, the company said. Related first entered Edgewater in 2012 with its recently completed IconBay.

“This closing re-affirms the commitment of our lenders who, while becoming much more selective, are bullish on South Florida,” said Ben Gerber, vice president of finance for the Related Group, in a statement.

During the past three months, Related has closed on $525 million in construction financing as it forges ahead with its condo projects.

Within just the past week, as it wraps up financing for the year-end, it has secured $145 million for its Park Grove project that it is developing in partnership with Terra Group, and $105 million for Icon Las Olas in Fort Lauderdale, which it is developing with Rabina Properties.

The Paraiso towers have been designed by Arquitectonica, with landscaping by Enzo Enea. Piero Lissoni is handling some of the interior design for the project. Paraiso Bayviews’ interiors will be designed by Karim Rashid.

Paraiso has already attracted a variety of high-profile athletes and celebrities, including DJ and music producer David Guetta, Barcelona-born World No. 1 tennis champion Arantxa Sánchez Vicario, and NBA champion Manu Ginóbili, Related said.

Most recently, New York Yankees star Alex “A-Rod” Rodriguez, scored a 3,200 square-foot penthouse in the GranParaiso tower.

The Paraiso project’s amenities include a private tennis center, three bowling alleys, a hammam spa and an art collection that includes a black marble sculpture by Uruguayan master sculptor Pablo Atchugarry.

The project will also house Paraiso Beach Club — featuring an original restaurant concept by chef Michael Schwartz and interiors designed by New York’s Meyer Davis. — Ina Cordle